EFG Private Bank fined £4.2m for anti-money laundering failures

The failings were serious and lasted for more than three years, it said. EFG is the UK private banking subsidiary of the EFGI Group, a global private banking group, based in Switzerland. EFG provides private banking and wealth management services to high net worth individuals including some from overseas jurisdictions recognised as presenting a higher risk of money laundering and or bribery and corruption. At the end of 2011 about 400 of EFG's 3,342 customer accounts were deemed by the firm to present a higher risk of money laundering or reputational risk, and of these 94 were held...